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HomeMy WebLinkAbout041-91RESOLUTION NO. 41-91 STATING INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS WHEREAS, the Town of Danville (the "Issuer") desires to finance the costs of constructing, equipping and acquiring a Service Center, more fully described in Exhibit A attached hereto and incorporated hereby (the "Project"); and WHEREAS, the Issuer intends to finance the Project in the future with the proceeds of the sale of tax-exempt obligations; and WHEREAS, prior to the issuance of such obligations, the Issuer intends to finance the costs of constructing, equipping and acquiring the Project with available monies of the Issuer; and WHEREAS, the Issuer desires to be reimbursed in the future from the proceeds of the sale of tax-exempt obligations for its costs associated with constructing, equipping and acquiring the Project; and WHEREAS, the Issuer intends to expend the amount it is reimbursed on other capital projects which it presently anticipates will include the Costs of constructing public infrastructure improvements and other such costs as may be associated with the construction of a public library and developing land for open space, more fully described in Exhibit B attached hereto and incorporated hereby; and WHEREAS, the expenditures described in Exhibit B are expected to be made within three years of the date the Issuer sells said tax-exempt obligations, NOW, THEREFORE, the Town Council of the Town of Danville hereby resolves as follows: Section 1. The Issuer hereby states its intention to reimburse Project costs (described in Exhibit A attached hereto) with proceeds of tax-exempt obligations (the "Obligations"). Exhibit A describes the general character, type and purpose of the Project, and the anticipated size and amount of the Project. Section 2. The expected "issue price" of the Obligations (the initial offering price of the Obligations to the public (excluding bond houses and brokers) at which price at least 10 percent of each maturity of the Obligations was sold) is expected to be not more than $2,500,000. Section 3. The expected issue date (the "Issue Date") of the Obligations is expected to be November 1, 1991. Section 4. The expected maturity date of the Obligations is in August of 2021. Section 5. This resolution has been adopted on or prior to the date (the "Expenditure Date or Dates") that the Issuer will expend monies for the Project costs; the Expenditure Date or Dates will not be more than eighteen months from the date hereof. Section 6. The Expenditure Date or Dates will be within eighteen months of the Issue Date. Section 7. The Project is expected to have an economic life of at least one year. Section 8. Proceeds of the Obligations to be used to reimburse for Project costs are not expected to be used directly or indirectly to pay debt service with respect to any obligation of the Issuer, or to be held as a reasonably required reserve or replacement fund, or to replace funds that are or will be used in such manner. Section 9. The proceeds of the Obligations will be deposited in the same fund or account from which the Project costs will be paid by the Issuer and will be invested in the same manner as the monies in that fund or account. Section 10. This resolution is consistent with the budgetary and financial circumstances of the Issuer, as of the date hereof, particularly, no monies have been, or are reasonably expected to be permanently allocated or otherwise reserved in the Issuer's budget for the Project costs (other than proceeds of the Obligations). Section 11. This resolution is adopted as official action of the Issuer in order to comply with any applicable regulations of the Internal Revenue Service relating to the qualification for reimbursement of Issuer expenditures incurred prior to the Issue Date, is part of the Issuer's official proceedings, and will be available for inspection by the general public (during normal business hours of the Issuer) at the main administrative office of the Issuer or at the customary location of records of the Issuer that are available to the general public. Section 12. All the recitals in this Resolution are true and correct and this Town Council so finds, determines and represents. 'v this PASSED AND ADOPTED by the Town Council of the Town of Danville 5th day of February, 1991, by the following vote: GREENBERG, LANE, RITCHEY, SCHLENDORF, SHIMANSKY AYES: NAYES: ABSENT: NONE NONE · MAYO~ EY CITY CLERK EXHIBIT A DESCRIPTION OF TOWN SERVICE CENTER The project includes a six acre site upon which will be located a 5400 square foot Field Services Building, a 3400 square foot Operations Building and a 144 space A.C Parking Lot, including curb, gutter and lighting. Other improvements will include a fueling station, covered and open equipment parking areas, materials storage bins and trash dump area. Approximately 4.5 acres of the site will be paved with A.C. and 1.5 acres will be unpaved, using base rock. The parking lot, area surrounding the Field Operations Building, and the perimeter of the site will be landscaped. Perimeter fencing is also included. The total budget appropriation for the project is $2,691,580 EXHIBIT B The Town of Danville plans to acquire two acres of land for open space and to construct a public library, and to construct and/or acquire related off-site capital improvements. The off-site improvements include streets, curbs, gutters, landscaping, streeting lighting and associated improvements. The cost of the off-site improvements is approximately $1 million. Additional site and landscaping costs are anticipated at $1.5 million. Proceeds of the Obligations are expected to be used to construct or acquire the off-site capital improvements and (2) todevelop on-site open space areas and to pay for expenditures related to the construction of a public library. taxerupt.res